Residents in 17 Dun Laoghaire apartments have been served notice to leave.
It's understood two vulture funds tried to hike rents two days before the 4 % cap on increases came into force last December.
Now the tenants of St Helen's Court are suspicious of plans to upgrade their homes.
They've been ordered to vacate on various dates to facilitate the works to alarms, walls, electrics, floors and tiles.
Residents have been told they'll then have the chance to re-rent the apartments but subject to certain conditions.
Landlords can legally raise rents beyond 4% limit if extensive refurbishments are made to a property.
People Before Profit is calling on the government to intervene, claiming the companies are trying to exploit the loophole.
A spokesperson for Dun Laoghaire Rathdown County Council has confirmed it does not have any social tenants in the development.